Updated almost 11 years ago on . Most recent reply
Out of State Rental
I currently live in the DC area and unfortunately getting anything going here requires a large reserve of capital. I'm 23 so I'm still in college (last semester) and am currently gov. employed,I would like to invest but can't afford it in DC.
Would any of you recommend buying an Out of State Rental property in a place like Texas or anywhere else where the average home price is $80,000-$100,000? I have about $20,000 saved up to invest.
If I can obtain one of these properties that rent for about $900-$1,000 with $400 mortgage payments. I should have it cash flowing buy about $100 after repairs and vacancy is accounted for.
Does this seem like a good plan?
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- Real Estate Consultant
- Summerlin, NV
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#1 All Forums Contributor
- Real Estate Consultant
- Summerlin, NV
@Jamal Atwell I want to give you something else to consider. Save your money your far to undercapitalized to be buying a rental. Put the money in the bank get your re license and start by joining a good team. Like a Keller Williams team you will make far more than 100 a month. Once you have Experince and more capital you will then probably decide what a good deal is . Last thing you want is one rental 5 states away.
Having access to MLS you will soon realize what a deal is and what is not plus you will just do deals for yourself or others. @?jameswise. Check out what James does with investors he is a broker and buys and sells in his market
- Jay Hinrichs
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